The Financial Futures Association of Japan
Publication date : 30 , November , 2016
Quarterly Statistic Report on the financial futures Transactions in Japan
Second Quarter （July～September 2016）
Ⅰ．Membership and Number of members reported
DD,MM,YYYY / Total Membership / Number of members reportedOn-Exchange / Over-The-Counter
Domestic / Overseas
Margin FX / Margin FX
30,Sep,2016 / 142 / 124 / 52 / 45 / 23 / 29 / 99 / 53
31,Jun,2016 / 141 / 125 / 51 / 43 / 22 / 31 / 100 / 51
Change / +1 / ‐1 / +1 / +2 / +1 / ‐2 / ‐1 / +2
Margin FX = Retail FX Margin Trading
Ⅱ．Trading Volume
Geographical distribution of Trading Volume(Domestic , Overseas）
Date / On-Exchange / Over-The-Counter (domestic)1 contracts / Domestic / Overseas
1 contracts
1 contracts / Margin FX
1 contracts / 100 ｍｉｌｌｉｏｎ Ｙｅｎ / Margin FX
100 ｍｉｌｌｉｏｎ Yen
Jul～Sep 2016 / 17,729,949 / 11,441,028 / 9,960,089 / 6,288,921 / 11,061,100 / 11,000,501
Apr～Jun 2016 / 18,203,960 / 12,857,520 / 11,667,128 / 5,346,440 / 11,607,945 / 11,553,656
Change / ‐2.6% / ‐11.0% / ‐14.6% / 17.6% / ‐4.7% / ‐4.8%
Trading Volume by instruments
Market / Interest rate contracts / Foreign exchange contractsDomestic / Overseas / Domestic / Overseas
Futures / Options / Futures / Options / Futures / Options / Futures / Options
Margin FX
On-Exchange / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts
1,480,939 / 0 / 5,223,060 / 1,007,697 / 9,960,089 / 9,960,089 / 0 / 48,164 / 10,000
1,190,392 / 0 / 4,627,323 / 655,828 / 11,667,128 / 11,667,128 / 0 / 56,939 / 6,350
24.4% / － / 12.9% / 53.7% / ‐14.6% / ‐14.6% / － / ‐15.4% / 57.5%
OTC / 100 million yen / 100 million yen / 100 million yen / 100 million yen / 100 million yen
－ / － / 11,011,861 / 11,000,501 / 49,238
－ / － / 11,569,292 / 11,553,656 / 38,653
－ / － / ‐4.8% / ‐4.8% / 27.4%
Upper cell: 2th quarter, FY2016 Middle cell: 1th quarter , FY2016 Lower cell：Rates of change from middle cell to upper cell
Domestic Exchanges and Overseas Exchanges －Trading Volume
・Customers' Account
Date / Interest rate contracts / Foreign exchange contractsDomestic / Overseas / Domestic / Overseas
Futures
1 contracts / Options
1 contracts / Futures
1 contracts / Options
1 contracts / Futures / Options
1 contracts / Futures
1 contracts / Options
1 contracts
1 contracts / Margin FX
1 contracts
Jul～Sep 2016 / 1,112,267 / 0 / 1,289,033 / 70,500 / 9,959,971 / 9,959,971 / 0 / 30,481 / 0
Apr～Jun 2016 / 954,515 / 0 / 869,816 / 42,750 / 11,665,889 / 11,665,889 / 0 / 43,055 / 0
Change / 16.5% / － / 48.2% / 64.9% / ‐14.6% / ‐14.6% / － / ‐29.2% / －
・Propriety Account
Date / Interest rate contracts / Foreign exchange contractsDomestic / Overseas / Domestic / Overseas
Futures
1 contracts / Options
1 contracts / Futures
1 contracts / Options
1 contracts / Futures / Options
1 contracts / Futures
1 contracts / Options
1 contracts
1 contracts / Margin FX
1 contracts
Jul～Sep 2016 / 368,672 / 0 / 3,934,027 / 937,197 / 118 / 118 / 0 / 17,683 / 10,000
Apr～Jun 2016 / 235,877 / 0 / 3,757,507 / 613,078 / 1,239 / 1,239 / 0 / 13,884 / 6,350
Change / 56.3% / － / 4.7% / 52.9% / ‐90.5% / ‐90.5% / － / 27.4% / 57.5%
Ⅲ．Open positions
Geographical distribution of Open positions(Domestic , Overseas）
DD,MM,YYYY / On-Exchange / Over-The-Counter (Domestic)1 contracts / Domestic / Overseas
1 contracts
1 contracts / Margin FX
1 contracts / 100 million Yen / Margin FX
100 million Yen
30,Sep,2016 / 6,610,791 / 2,629,510 / 2,189,532 / 3,981,281 / 138,632 / 45,212
30,June,2016 / 5,961,264 / 2,069,292 / 1,688,141 / 3,891,972 / 133,382 / 39,660
Change / 10.9% / 27.1% / 29.7% / 2.3% / 3.9% / 14.0%
Open positions by instruments
Market / Interest rate contracts / Foreign exchange contractsDomestic / Overseas / Domestic / Overseas
Futures / Options / Futures / Options / Futures / Option / Futures / Options
Margin FX
On-Exchange / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts / 1 contracts
439,978 / 0 / 3,302,173 / 671,005 / 2,189,532 / 2,189,532 / 0 / 1,903 / 6,200
381,151 / 0 / 3,294,488 / 586,850 / 1,688,141 / 1,688,141 / 0 / 5,934 / 4,700
15.4% / - / 0.2% / 14.3% / 29.7% / 29.7% / - / ‐67.9% / 31.9%
OTC / 100 million yen / 100 million yen / 100 million yen / 100 million yen / 100 million yen
－ / － / 48,320 / 45,212 / 90,311
－ / － / 49,360 / 39,660 / 84,021
－ / － / —2.1% / 14.0% / 7.5%
Upper cell=date: 30,09,2016 Middle cell=date: 30,06,2016 Lower cell：Rates of change from middle cell to upper cell
Ⅳ．Summaries on Retail FX Margin Trading
Market / DD,MM.YYYY / Trading Volume *100 million Yen / ①Open Positions
100 million Yen / ②Margin deposit
（customerｓ）
100 million Yen / Customers’ Margin Rate
＝①／② / The number of Active customers' accounts
TFX
(click365) / 30,Sep,2016 / 97,564 / 20,521 / 4,296 / 4.8 / 21,936
30,Jun,2016 / 112,663 / 15,297 / 4,395 / 3.5 / 27,789
Change / ‐13.4% / 34.2% / ‐2.3% / 1.3 / ‐21.1%
OTC / 30,Sep,2016 / 11,000,501 / 45,212 / 12,316 / 3.7 / 706,675
30,Jun,2016 / 11,553,656 / 39,660 / 11,836 / 3.3 / 747,554
Change / ‐4.8% / 14.0% / 4.1% / 0.4 / ‐5.5%
Total / 30,Sep,2016 / 11,098,065 / 65,733 / 16,612 / 3.9 / 728,611
30,Jun,2016 / 11,666,320 / 54,957 / 16,231 / 3.3 / 775,343
Change / ‐4.9% / 19.6% / 2.3% / 0.6 / ‐6.0%
* “Trading Volume” is the total of the quarter
（Reference Data）
Total Trading Volume of Financial Futures contracts from April to September
Business year / On-Exchange / Over-The-Counter (domestic)1 contracts / Domestic / Overseas
1 contracts
1 contracts / Margin FX
1 contracts / 100 ｍｉｌｌｉｏｎ Ｙｅｎ / Margin FX
100 ｍｉｌｌｉｏｎ Yen
2016FY / 35,933,909 / 24,298,548 / 21,627,217 / 11,635,361 / 22,669,045 / 22,554,157
2015FY / 36,097,691 / 23,378,994 / 21,241,267 / 12,718,697 / 29,283,335 / 29,159,812
Change / ‐0.5% / 3.9% / 1.8% / ‐8.5% / ‐22.6% / ‐22.7%
Total Trading Volume of Retail FX Margin contracts from April to September
Business year / TFX (click365)100 million Yen / Over-The-Counter
100 million Yen / Total
100 million Yen
2016FY / 210,228 / 22,554,157 / 22,764,385
2015FY / 231,477 / 29,159,812 / 29,391,289
Change / ‐9.2% / ‐22.7% / ‐22.5%
Overview
The overall trading volume of financial futures transactions during this term decreased slightly compared to the previous term.
While the trading volume of FX margin trading in both on-exchange trading and over-the-counter trading declined, other financial futures transactions remained steady; in particular, the trading volume of option related transactions in the domestic and overseas exchanges grew remarkably.
Open positions of currency related financial futures transactions besides FX margin trading dropped in overseas exchange transactions and over-the-counter transactions, however open positions of other transactions increased.
*For the FX margin trading status, please refer to the Monthly Statistical Bulletin on FX Margin Trading.
【Note】
・Trading volume and open positions of over-the-counter financial futures transactions are based on the yen converted value of quarterly trading volume (in units) multiplied by the number of contracts.
・FFAJ converts the amounts of trading volume and open positions denominated in a foreign currency into JPY based on the value of each currency against the yen spot rate published by the Bank of Japan on the last day of the quarter.
For currencies which do not have a yen spot rate published by the Bank of Japan, FFAJ uses the yen spot rate published by the central bank of the country which controls the said currency. In the event a currency does not have a published yen spot rate, the numerical value derived from multiplying the U.S. Dollar spot rate of the said currency by the U.S. Dollar/JPY spot rate published by the Bank of Japan is used as the yen equivalent value.
・The monetary value of options trading and open positions are based on the monetary value of option contracts (notional amount). In the case of binary options, the contract amount is the payout amount.
・The number of units of, trading volume and open position of on-exchange transactions are totaled based on the amount reported by the FFAJ, which is partially converted into yen on the FFAJ's standard rate. Therefore the trading volume etc. typically does not equal the amount published by each exchange.
・Trading volume of on-exchange transactions includes the association member’s intermediary transactions with customers and other financial instruments brokers (including agency trading) established by other financial instruments brokers.
・Trading volume and open position (or interest) of on-exchange transactions shall exclude market-making transactions, transactions among the financial instruments brokers, and over-the-counter financial futures transactions with the persons provided in (1) or (2) of Article 1-8-6.1 of the Financial Instruments and Exchange Act Enforcement Order.
・Trading volume of over-the-counter contracts is based on the sum of transactions made by FFAJ members with customers. Cover transactions and other self-dealing transactions conducted by members for the purpose of hedging risk are excluded from this figure.
・Over-the-counter FX margin trading volume is calculated by multiplying the quarterly trading volume by the yen exchange rate on the last day of the quarter. Therefore, the total monetary value and trading volume from the same period in the “Monthly Statistical Bulletin on Over-The-Counter Retail FX Margin Trading” of the Association (yen-converted value) does not accord with this report.
・The separately published“Monthly Statistical Bulletin on Over-The-Counter Retail FX Margin Trading” is a summary carried out through the cooperation of Association members who are willing to contribute. It does not represent a summation of the total trading volume or open positions of all Association members who engage in over-the-counter retail FX margin trading. On the other hand, this quarterly report was drafted based on “Financial Futures Trading Record Report” of all members. Therefore, the sum of the values from the same period in the “Monthly Statistical Bulletin on Over-The-Counter Retail FX Margin Trading” does not match those contained in this report.
・In this report, “0” is used to represent aggregate results of nil or less than a unit, while “-” is used to represent that aggregate results are unavailable.
・Unit fractions are, in principle, rounded off.
・“Futures” include FXA (Foreign Exchange Agreements).
This publication has been prepared by the FFAJ and is provided for information purpose only. The quarterly information contained in this publication has been obtained from FFAJ's members that is believed to be reliable, however the FFAJ does not represent or warrant that it is accurate or complete. In no event the FFAJ nor its employees have any liability for any consequential damages arising from any use of this publications or its contents. This publication does not constitute any investment advice.
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